Building Nevada - May 2005

Nevada Title Company

Local Firm Succeeds in Competitive Industry

by Tina Allen

When Terry Wright came to Las Vegas in 1976 to manage a national title company, he quickly found that the planning and decision processes of the title business were usually reserved for administrators at out-of-state corporate headquarters. With this in mind, Wright decided to follow his heart and founded his own firm – Nevada Title Company. The business has since become one of the state’s leaders in the industry.

"We started out as the No. 10 title company, and within five years, we had become the No. 1 title company, not only in market share, but also in liability," said current company president, Robbie Graham.

Wright’s business venture started when he purchased the assets of what was then Western Title Company. In January 1979, Nevada Title Company opened its doors, and the company concentrated on the booming commercial industry. "We focused on where the growth was going," Graham said. "We probably insured, at one point in time or another, every one of the projects on the Strip. We’ve been blessed with most of the [Steve] Wynn projects, and we handled the MGM transaction when it was built."

The company’s quick success prompted Wright, who now serves as chairman, to establish several subsidiary businesses that would further assist clients in their real estate ventures. He opened Nevada Construction Services in 1985. This sister company of Nevada Title provides voucher control and inspection services to financial institutions, and also offers lenders reports detailing disbursements and project updates, and protection against wrongful claims.

Wright also formed Nevada Title Insurance Company in 1993, which later became Westcor Land Title Insurance Company. It serves as a regional title insurance underwriter, with offices in California and Nevada. Westcor also provides a 1031 exchange program – a tax deferral system that holds funds for investors from the sale of a property until they are ready to close escrow on another property.

But despite the successes, no business is ever without challenges. And, although the unprecedented growth in the Las Vegas real estate market has been a positive force in Nevada Title’s success, Graham said the title industry in the past five years has experienced substantial growth. "Some of that is builders coming in starting their own title companies or starting their own escrow companies," she said.

The booming real estate market also translates into the challenge of simply keeping up with massive demand for services. "So many people want things done so quickly. To accommodate that creates some stress on our employees, so we are very sensitive to that," Graham said. "Our employees really are our most valuable resource."

Another problem faced by the title industry in general, Graham said, is fraud.

"As a result of people forging names, as well as scams that come from all over, we have to be ever aware of what’s going on and be in a position where we can we can continue servicing our good customers, while at the same time creating boundaries to protect ourselves," she said.

Nevada Title Company has six offices in Southern Nevada, with plans to open two more by the end of the year. The company employs about 290 people.

"We are a locally-owned and -operated company that makes its decisions here and is totally involved in the community," Graham said. The company and its employees support numerous charitable causes with both time and resources, including United Way of Southern Nevada, the Juvenile Diabetes Foundation, the Susan G. Komen Breast Cancer Foundation, the March of Dimes and Nathan Adelson Hospice.

Tina Allen